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MUMBAI, MARCH 18: Stocks: The stock market continued its record setting spree and came close to the crucial 11,000 level even as the benchmark Sensex added another 0.88 per cent, climbing to a new peak of 10,951.38 points in the week, driven by sustained heavy purchases by investors.
Foreign Institutional Investors (FIIs) and local mutual funds were the principal driving force behind the market. FIIs reported inflows of Rs 418.4 crore in equity besides sizeable purchases in the futures while mutual funds made net purchases of Rs 468.4 crore in the first three sessions of the week.
In the week to March 18, the Bombay Stock Exchange (BSE) Benchmark 30-share Index (Sensex) hit an all-time intra-trade record high of 10,951.38 and even scaled new closing peak of 10,878.74 points on March 16, before ending the week at 10,860.44 points against last weekend's close of 10,765.16, a net rise of 94.88 points, extending the weekly gains to fourth straight week.
Discounting concerns over pressure on liquidity owing to the advance tax flows, the market remained upbeat as profit selling was absorbed by FIIs as well as domestic mutual funds.
Contrary to market fears, FIIs turned buyers also in the Futures after a massive hedging in the preceding week.
According to brokers, the market is expected to remain cautiously optimistic with profit booking at higher levels but approaching expiry of derivatives contract will force investors to cover short positions.
Reliance group shares stole the show during the week on massive investment as well as consolidation plans. The top heavyweight RIL as also REL Capital, RCoVL and RNRL scored impressive gains. |